日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Opinion / Op-Ed Contributors

The art of maintaining a healthy debt

By Lin Shuanglin (China Daily) Updated: 2014-01-09 07:24

The Third Plenum of the 18th Communist Party of China Central Committee issued a communiqu in November saying local governments could issue bonds to generate funds. A month later, the Central Economic Work Conference said minimizing local governments' debt risks would be one of the major economic missions in 2014. This shows the country's leadership is determined to resolve the local governments' debt (LGD) issue.

According to latest National Audit Office data, the total amount of LGD, both direct and guaranteed, is 17.9 trillion yuan ($2.96 trillion), or more than 30 percent of China's GDP. To make matters clear, let us check LGDs in some other countries. Japan's LGD has increased from 40 percent of its GDP in 2000 to nearly 200 percent today. Greece has a ratio of 60 percent, Italy and Portugal 120 percent, and Spain, the UK, France and Germany between 80 and 90 percent. This means China's LGD is less than that of Japan and European countries.

But compared with the United States, China's LGD is very high. Although the US federal government's debt was 108 percent of its GDP, its local governments' debt is quite small. For example, at 13 percent the state of California has the highest LGD-to-GDP ratio. Half the states in the US have a debt ratio of less than 1 percent, with one-fourth of those with less than 0.5 percent.

Almost 70 percent of China's LGD was created within five years. Bank loans play an important role in increasing the debt, accounting for 80 percent of the total. Besides, local financing vehicles are to be blamed for 46 percent of the LGD, with the debt-to-GDP ratio in some provinces being as high as 150 percent, or even over 200 percent, if their disposable incomes are taken into account.

Although such a high ratio can be attributed to China's fiscal system in which the central government collects the chunk of fiscal revenue and then transfers the share of the local governments, the current ratios are much higher than five years ago.

LGD has ballooned because local governments need to spend more money, mainly to build and develop infrastructure, including highways, parks and drainage systems, and protect the environment. They also have to use funds to build and maintain more educational and medical institutions. The situation was not very different in other countries during their developing period.

Previous Page 1 2 Next Page

Most Viewed Today's Top News
New type of urbanization is in the details
...
主站蜘蛛池模板: 成人久久影院 | 亚洲成人免费 | 欧美日韩aaa | 日日夜夜狠狠爱 | 国产情侣91| 色啪影院| 99色在线观看 | 免费看成人毛片 | 国产小视频免费观看 | 精品无人国产偷自产在线 | 亚洲最大的网站 | 久久人体视频 | 久在线| 午夜在线小视频 | 日韩一本在线 | 美利坚av | 午夜视频一区二区三区 | 一道av | 一区二区三区国产在线 | 91一区二区在线观看 | 伊人网中文字幕 | 国产一区二区视频在线免费观看 | 亚洲成人一级 | 神马久久久久久久久久 | 国产a级免费| 欧美wwww | 欧美日韩首页 | 日韩高清国产一区在线 | 亚洲第一页乱 | 黄色av网| 日韩精品一区二区三区在线播放 | 久久综合九色综合欧美狠狠 | 国产精品乱码一区二三区小蝌蚪 | 午夜寂寞影院在线观看 | 国产成人精品在线视频 | 日韩三级大片 | 成年人午夜影院 | 99精品国自产在线 | 天堂成人在线视频 | 欧美高清a | 成人在线观看网址 |